Happy Wednesday. Matt Parker here, bringing you the hottest tech and VC news straight from the heart of Silicon Valley. Today's newsletter is packed with game-changing insights you won't want to miss, especially if you are a founder. For more: Top 10 Black-Led VC Funds Guide | My premium subscription to investor lists, course access | Youtube
🔥 Top Stories:
Turing's Incredible Pivot: From Dev Shop to AI Powerhouse I once thought Turing was “just another dev shop” back when I used their service in 2019. Well, they've pulled off one of the most impressive pivots I've seen. They're now one of the secret weapon behind ChatGPT's success and many other foundational model companies.
Here's the scoop:
Originally provided software engineers to startups
Now supplying critical coding data to OpenAI, Anthropic, and other AI giants
This pivot has made them a major player in the AI revolution
Key Takeaway: Sometimes, your most valuable asset isn't what you think it is. Turing found gold in their data, not just their talent pool.
Source: Inside the company that gathers ‘human data’ for every major AI company (Semafor)
Y Combinator Triples Down: New Fall Batch Announced! YC is shaking things up again. They're launching a fall batch, potentially funding up to 300 startups a year. Here's what you need to know:
Applications due: August 27th
The program starts: on September 29th
Offering: $500,000 investment + $1M in credits
Bonus: Access to dedicated GPU clusters
Key Takeaway: The competition for early-stage funding is heating up. YC's move signals a bullish outlook on AI startups.
Source: YC Fall 2024 batch applications due by 8/27 (Company website)
💡 Founder's Corner: Turning Failure into Fuel
Speaking of pivots, I've shared a personal story in today’s show that I am still working through being comfortable talking about. Recently, I had to tell investors that we are not going to make and become what we thought we would at the beginning of the year. Tough pill to swallow, right I am still working through it personally, financially, and professionally. But here's the silver lining:
Each failure is a learning experience
Investors value founders who've been through the wringer
Your network grows with each attempt
You gain invaluable insider knowledge
Remember, many successful founders had multiple failures before their big break. Stay persistent!
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📺 Don't Miss Our Latest YouTube Video!
We break down Turing's pivot and YC's expansion in detail. Plus, there's a secret tip at the end for nailing your YC application! [Watch Now]
That's all for today! If you found this valuable, please share it with a friend who might benefit. Let's grow this community together!
Do questions or topics you want covered? Hit reply and let me know!
Keep hustling,
Matt Parker
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